The Treasury department on Wednesday said it would repurchase US government debt next year for the first time in decades, in an effort to boost liquidity in the $23tn government bond market.
The programme would allow the Treasury to buy back older bonds, that are typically harder to trade, from primary dealers — banks that act as market makers for the Federal Reserve — and help improve functioning in some corners of the market.
The buybacks are expected to help with cash management, allowing the department to issue more consistent levels of shorter-dated debt.
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